GBP/JPY Price Analysis: Soars above the 162.00 figure, on risk-on impulse

GBP/JPY eradicates Monday’s gains and gained more than 1% on Tuesday.
The GBP/JPY is downward biased, but Tuesday’s price action opened the door for further upside, targeting the 50-DMA at 163.86.

Christian Borjon Valencia FXStreet

The GBP/JPY pares Monday’s losses and some more, forming a bullish-engulfing candle pattern, meaning buyers overcome sellers, reciaiming the 162.00 figure on its way north. However, solid resistance lies ahead of the current exchange rate, with the 20 and 100-day EMAs hovering around the 162.80-163.00 area. At the time of writing, GBP/JPY is trading at 162.39.

GBP/JPY Price Analysis: Technical outlook

The cross-currency pair is exchanging hands below the 20, 100, and 50-day EMAs, suggesting that the GBP/JPY is downward biased. Nevertheless, Tuesday’s rally towards the 162.80-163.00 area, although rejected, it opened the door for further gains. So from a technical perspective, a break above the latter will put the 50-day EMA at 163.086 in play, ahead of the July 27 high at 166.33.

On the flip side, the GBP/JPY first support will be the 162.00 mark. Once cleared, the next support will be the figure at 161.00, ahead of the August 16 low at 160.08.

GBP/JPY Daily chart

GBP/JPY Key Technical Levels

GBP/JPY

Overview
Today last price	162.39
Today Daily Change	1.61
Today Daily Change %	1.00
Today daily open	160.72

Trends
Daily SMA20	163.22
Daily SMA50	164.15
Daily SMA100	163.04
Daily SMA200	158.72

Levels
Previous Daily High	162.16
Previous Daily Low	160.36
Previous Weekly High	163.85
Previous Weekly Low	161.27
Previous Monthly High	166.34
Previous Monthly Low	160.4
Daily Fibonacci 38.2%	161.05
Daily Fibonacci 61.8%	161.47
Daily Pivot Point S1	160
Daily Pivot Point S2	159.28
Daily Pivot Point S3	158.2
Daily Pivot Point R1	161.8
Daily Pivot Point R2	162.88
Daily Pivot Point R3	163.6

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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